This office lease form is a more detailed, more complicated subordination provision stating that subordination is conditioned on the landlord providing the tenant with a satisfactory non-disturbance agreement.
The District of Columbia Detailed Subordination Provision is a legal clause that outlines the priority between different creditors in the District of Columbia's jurisdiction. This provision ensures that when multiple entities hold claims or liens against a property or asset, their respective rights and interests are clearly defined and ranked in order of importance for repayment or enforcement. The District of Columbia recognizes various types of subordination provisions, each serving a specific purpose within different contexts. The key types of District of Columbia Detailed Subordination Provisions include: 1. Mortgage Subordination Provision: This provision typically arises in real estate transactions where a property owner aims to obtain additional financing against their property. When a mortgage is subordinated, it means that the original mortgage holder agrees to take a lower priority in the repayment hierarchy, allowing the new mortgage to take precedence. 2. Debt Subordination Provision: In cases of corporate loans or financing arrangements, a debt subordination provision may be included. This provision establishes the order in which various debts or creditors will be repaid if the borrowing company faces financial difficulties. It stipulates that certain debts are subordinate to others and will only be repaid after higher-ranking obligations are fulfilled. 3. Intercreditor Subordination Provision: In situations where multiple lenders are involved in providing funds to a borrower, an intercreditor subordination provision is used. This clause outlines the priority and hierarchy of the lenders' claims in case of default or bankruptcy. It helps delineate the rights, obligations, and levels of seniority among the lenders. 4. Lien Subordination Provision: A lien is a legal right to seize a property or asset in case of non-payment or default. When a lien is subordinated, it means that it will have a lower priority compared to other liens placed on the same property or asset. This provision establishes the ranking and relative importance of different liens. It is important to note that the District of Columbia Detailed Subordination Provision is a complex legal concept, and the specific terms and conditions may vary depending on the nature of the transaction or agreement involved. Therefore, it is crucial for parties involved to consult legal professionals familiar with the District of Columbia's laws to draft or interpret the provisions accurately and effectively.
